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Tag Archives: budget

BUDGET DEAL SIGNED

President Trump signed a $400 billion budget deal Friday to reopen the government after a brief middle-of-the-night shutdown. The bill includes large spending increases for the military and domestic programs. (USA Today)

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THE CLOCK IS TICKING

Congressional Republicans and Democrats are once again far apart on a government spending bill with just days to go before a partial shutdown. After Republican leaders met with President Trump over the weekend, there was no indication either side had budged on policy disputes tied up in the funding debate. (Bloomberg)

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DESPITE BUDGET, STATE STILL MAY GET JUNK STATUS

Despite a new state budget, which included a $5 billion tax hike, Illinois still may not be able to stave off a credit downgrade. Moody’s Investor’s Services announced this week that they’re thinking about weighing pension debt more heavily when they rate states for credit worthiness. With the state one grade away from junk-bond status,… read more

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U.S. HOUSE ADOPTS BUDGET PLAN

House Republicans today narrowly adopted a budget resolution, moving President Donald Trump one step closer to his goal of passing a major tax code overhaul before the end of the year. The budget blueprint allows Congress to enact tax cuts later that increase the federal deficit by up to $1.5 trillion over 10 years. The… read more

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SENATE PASSES BUDGET PLAN

Senate Republicans Thursday passed a $4 trillion budget blueprint. The plan includes language which sets up special procedures that stop Senate Democrats from staging a filibuster on tax reform. The shortcut also will permit Republicans to avoid a conference committee between the House and Senate, allowing the House to simply pass the Senate resolution. (NPR)

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SENATE TO MOVE ON TAX REFORM

The U.S. Senate is poised to vote Thursday on a budget measure that would help Republicans pass President Donald Trump’s overhaul of the tax code without Democratic support. Included in a fiscal year 2018 budget resolution, a legislative tool called reconciliation will allow Republicans to advance tax legislation with a simple majority vote. (Reuters)

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#ILLINOIS’ BILL BACKLOG HITS $16B

State Comptroller Susana Mendoza this week announced that Illinois’ pile of unpaid bills grew to $16 billion, despite the state’s recently-passed budget. According to Abdon Pallasch, spokesman for Mendoza, school aid and pension payments this week will lower the bill backlog into the $15 billion range. Illinois has the lowest cred rating of all 50… read more

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HOUSE OVERRIDES GOV’S VETO, BUDGET IN PLACE

The Illinois House Thursday narrowly voted to override Gov. Bruce Rauner’s veto of a tax hike and spending measure, ending the state’s more than two-year budget impasse. Rauner called the House vote “another step in Illinois’ never-ending tragic trail of tax hikes,” while House Speaker Michael Madigan said state lawmakers “looked beyond partisan differences and… read more

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WE’RE NOT ALONE

#Illinois isn’t the only state without a permanent spending plan – though it’s the only state beginning a third straight year without one. In fact, Illinois is among 11 states without budgets. For most states, the disputes are driven by ideological divides and poor budget forecasting. In others, lawmakers are clashing over whether to borrow… read more

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TIME’S UP

This is it. The last day before a new fiscal year starts July 1, and Illinois moves into its third year without a budget. House Speaker Michael Madigan has said he’ll call the $36.5 billion spending plan for a vote, but said discussions continue over tax hikes needed to balance the budget. The impasse is unprecedented… read more

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